Ichimoku Analysis (4- Hour chart)
Tenken-Sen- 109.81
Kijun-Sen-109.77
USDJPY is consolidating in a narrow range between 110.02 and 109.50 for the past 4 trading days. The global stock market getting stabilized despite the spread of coronavirus. WHO has named a new coronavirus as COVID-19. The CO stands for corona, the VI for virus and the D for the disease. The number of death in China has crossed in 1100, the total number of infected people to 44653.
Technically, immediate strong trend line resistance is at 110.20 and any close above will take the pair to next level till 111/112.
On the flip side, near term support is at 109.60 (23.6% fib) and any indicative break beneath targets 109-109.12/108.30. Minor bearishness only below 108.30.
It is good to buy above 110.20 with SL around 109.60 for the TP of 112.
